XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.24.1

Stock-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 15. STOCK-BASED COMPENSATION As a result of the Merger, the Company assumed the LINKBANCORP, Inc. 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan authorizes the issuance or delivery to participants of up to 450,000 shares of LINKBANCORP common stock pursuant to grants of incentive and non-statutory stock options. The Plan is administered by the members of LINKBANCORP’s Compensation Committee (the "Committee"). Unless the Committee specifies a different vesting schedule, awards under the Plan shall be granted with a vesting rate of 20 percent per year. Vesting may be accelerated under certain conditions or at the discretion of the Committee at any time. Employees and directors of LINKBANCORP or its subsidiaries are eligible to receive awards under the plan, except that nonemployees may not be granted incentive stock options. Stock options are either “incentive” stock options or “nonqualified” stock options. Incentive stock options have certain tax advantages and must comply with the requirements of Section 422 of the Internal Revenue Code. The 2019 Plan was frozen such that no new awards would be granted under the 2019 Plan following receipt of shareholder approval of the LINKBANCORP, Inc. 2022 Equity Incentive Plan described within this footnote. On May 26, 2022, the Company's shareholders approved the LINKBANCORP, Inc. 2022 Equity Incentive Plan (the "2022 Plan"). The 2022 Plan authorizes the issuance or delivery to participants of up to 475,000 shares of the Company's common stock pursuant to grants of restricted stock, restricted stock units, stock options, and non-qualified stock options. The 2022 Plan is administered by the members of LINKBANCORP’s Compensation Committee (the "Committee"). At least 95% of the awards under the 2022 Plan will vest no earlier than one year after the grant date. The table below provides details of the Company's stock options at December 31, 2023.
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term in Years |  |  | Aggregate Intrinsic Value (in ‘000s) |
Outstanding, December 31, 2022 |  |  | 490,000 |  |  | $ | 10.11 |  |  |  | 7.0 |  |  | $ | 33 |
Granted |  |  | 89,632 |  |  |  | 7.00 |  |  |  | 9.7 |  |  |  | — |
Expired/terminated |  |  | (36,000 | ) |  |  | 10.45 |  |  |  | — |  |  |  |
Exercised |  |  | (29,632 | ) |  |  | 5.07 |  |  |  | — |  |  |  |
Outstanding, December 31, 2023 |  |  | 514,000 |  |  | $ | 9.72 |  |  |  | 6.8 |  |  | $ | — |
Exercisable at period end |  |  | 290,500 |  |  | $ | 10.12 |  |  |  | 5.8 |  |  | $ | — |
The exercise prices for options outstanding as of December 31, 2023 ranged f rom $7.00 to $12.98. The Company determined the expected life of the stock options using a simplified method approach allowed for plain-vanilla share options. The risk-free interest rate is based on the U.S. treasury yield curve in effect as of the grant date. Expected volatility was determined using the calculated value method of an option pricing model that substitutes the historical volatility of an appropriate industry/sector index for the expected volatility.
| December 31, |
| 2023 |  |  | 2022 |
Weighted average fair value of options granted | $ | 1.84 |  |  | $ | 2.37 |
Dividend yield | 4.29% |  |  | 3.70% |
Expected volatility | 35.45% |  |  | 34.20% |
Risk-free interest rate | 4.20% |  |  | 3.81% |
Expected life (in years) |  | 6.5 |  |  |  | 6.2 |
Assumed forfeiture rate | 4.00% |  |  | 8.00% |
The table below provides details of the Company's restricted stock awards at December 31, 2023.
|  | Number of Shares |  |  | Average Market Price at Grant |
Outstanding, December 31, 2022 |  |  | — |  |  |  |
Granted |  |  | 384,724 |  |  | $ | 6.30 |
Expired/terminated |  |  | — |  |  |  |
Outstanding, December 31, 2023 |  |  | 384,724 |  |  | $ | 6.30 |
Additional information related to the equity incentive plans during each year follows:
| December 31, |
| 2023 |  |  | 2022 |
Stock-based compensation expense recognized | $ | 244 |  |  | $ | 80 |
Number of unvested shares: |  |  |  |  |
Restricted stock plans |  | 384,724 |  |  |  | - |
Stock option plans |  | 223,500 |  |  |  | 281,300 |
Fair value of unvested stock options: |  |  |  |  |
Restricted stock plans | $ | 2,422 |  |  | $ | - |
Stock option plans | $ | 355 |  |  | $ | 393 |
Amount remaining to be recognized as expense |  |  |  |  |
Restricted stock plans | $ | 2,314 |  |  | $ | - |
Stock option plans | $ | 310 |  |  | $ | 291 |
The remaining amounts of $2,314 and $310 for RSAs and options, respectively, will both be recognized ratably as expense throu gh December 31, 2028.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration